Live Updates and discussion on Union Budget 2024-2025

Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor will be supported.#Budget2024

Gaya and Mahabodhi temples to get corridors, Nalanda to be transformed into tourism hub.##UnionBudget2024

The #FinanceMinister #announced the establishment of an integrated tech platform to enhance outcomes under the Insolvency and Bankruptcy Code (IBC). This platform is designed to provide greater consistency, transparency, and improved oversight for all stakeholders, including the National Company Law Tribunal (NCLT). The IBC has successfully resolved over 1,000 companies, resulting in a direct recovery of ₹3.3 lakh crore for creditors. Furthermore, 28,000 cases involving more than ₹10 lakh crore have been resolved prior to admission.  #UnionBudget2024 

Venture capital fund of ₹ 1000 crore to be set up to encourage space technology development.#FinanceMinister

Infrastructure spending was retained at ₹11.1 trillion - same as in the interim budget. It is at 3.4% of GDP. Allocation for an interest free loan to states for infra spending is now ₹1.5 trillion. States will be pushed to spend more on infrastructure. #FM

Employees in manufacturing jobs will receive defined incentives from their companies within the first four years of work, benefiting 30 lakh youths and employers.#UnionBudget2024

To cover EPFO expenses, additional employment in all sectors with a salary of up to ₹1 lakh per month will be offered for two years, with a subsidy of ₹3,000 per month. This could incentivize the employment of up to 50 lakh individuals.#UnionBudget2024

 On GST, govts says to rationalize the tax structure : GST has significantly reduced tax incidents for the common man and eased compliance for industry, marking a success of vast proportions. To further enhance the benefits of GST, we will strive to rationalize the tax structure. #FM

#FMSitharaman on customs duty :

*Govt cuts duty on mobiles and accessories to 15 %

*Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%

*Three medicines fully exempted from custom duty for cancer patients

On mobile phone industry, propose to reduce the BCD on mobile phones and mobile PCBS and mobile chargers to 15%.#FinanceMinister

Government to reduce customs duty on gold, silver to 6%, platinum to 6.4%.#UnionBudget2024

FM announces review of income tax

"I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months," Sitharaman said.

Angel Tax for investors abolished : "To bolster the Indian startup ecosystem, I propose to abolish the so-called Angel Tax for all classes of investors" the FM announced.

Short-term gains on some financial assets to attract 20%.

Limit of LTCG tax hiked from 10% to 12.5%.

Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate.#UnionBudget2024